Growth rated lifted by fourth quarter results

05 March 2019

The Peruvian economy grew by a fraction under 4% in 2018, according to figures published by the statistics office, INEI. The growth rate was lifted by relatively strong performance in the last quarter of the year. Last year’s rate compares with 2.5% in 2017. It appears to have been driven primarily by domestic demand. This grew by 4.3% over the year.

The growth rate was driven, at least in part, by stronger public and private investment. Of particular relevance here was the development phase start of Anglo American’s operations at Quellaveco (Moquegua) during the course of the year. When it comes on stream in 2022, this will be one of the world’s largest copper mines, also producing some molybdenum and silver.

The value of copper exports increased by 7.8% over the year (from US$13.8 billion in 2017 to US$14.9), reflecting more a recovery of prices during the year than any great increase in the volumes exported. Overall, mining exports increased 4.9% (from US$27.5 billion to US$28.8 billion. The value of total exports rose 8.1% (from US$45.3 billion in 2017 to US$48.9).

The Ministry of Economy and Finance predicts growth of a similar magnitude in 2019, but much will depend on the buoyancy of the Chinese economy and its demand for minerals.

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